Iron ore spot price falls as gap between port, spot cargoes widens

The spot price of iron ore Fe 62% fines on 20 May’21 continued falling by $4.6/t to $210.85/t, CFR China. Port reselling margins for spot iron ore cargoes surged as steelmakers opted to procure in small quantities to mitigate price risks, SteelMint learnt from latest reports. However, some market sources are expecting the gap to close amid supply tightness for mainstream medium-grade fines.